Why is cyber security important for businesses?

Did you know that in 2021 64% of the companies all over the world have experienced at least one form of a cyber attack or that cyber-attacks increased by 50 percent in 2021 compared to 2020?

this doesn't sound very good, fortunately, business owners have now the means to fight these malicious actors targeting their companies threatening to expose their customer data and disrupt their operations for days.

today we are discussing how important cyber security is for businesses and what are the main advantages of having a good cyber security solution in place we'll also take a very quick look at the most significant attacks that impacted companies in 2021 and at the importance of cyber security training for your employees.

Why is cyber security important for businesses?

is the internet a blessing or a curse for businesses I think it's both as companies regardless of their size age or sector benefit from the internet and its many tools so are the cyber criminals who are patiently waiting in the dark to find holes and cracks in organization systems to gain access to critical data.

the advancement of technology and the fact that hackers are getting more and more skilled at their jobs pose a significant threat to organizations of all sizes.

What are the consequences of a cyber attack?

to better understand why cyber security is so important for companies let's see what are the implications of a cyber attack:

let's start with the financial impact companies that experience cyber attacks often lose a lot of money in the form of ransom payments, decreased company value, unapproved money transfers, or a drop in sales.

also, the cost of investigating the attack takes a lot of work and it has to be done carefully most of the time the victim company is hiring a consulting firm specializing in this type of assignment if there is a suspicion of a crime then a forensic team has to come and analyze the evidence.

just to give you an example sony spent 15 million dollars on investigation and remediation costs so the expenses of an investigation in the event of an attack must be factored in.

there is also the legal defense matter if you were hacked because your security was deficient then your customers might sue you for exposing their personal information as we all know lawyers are expensive and the cost of a legal battle especially in the united states can spiral out of control.

lost revenue: because of denial of service attack is meant to shut down a system or a device making it inaccessible to the users, the cost is determined by how important a business id infrastructure is for its operations and how much revenue they lose in a given time.

your brand: cyber attacks leave companies with tarnished reputations as they significantly influence the way people see a company customers who have been loyal to a brand or business for decades will slowly move on and will start.

making transactions with competitors: why the reason is quite simple data privacy and security are essential these days if a company fails to protect its customer data it will lose their trust it's as simple as that.

How important cyber security is for businesses

Nowadays online security is just as important as personal or home security but when it comes to successfully manage a company in the digital era the concerns are far more serious than having your social media account compromised or discovering a virus on your computer unfortunately the consequences are dire as your customers and employees personal information can be stolen and used for malicious purposes.

also, keep in mind that even if they can bring a lot of money to the threat actors cyber attacks aren't always directed at well-known organizations small and medium-sized companies are always at risk what is there to do well is make sure your company is protected by a respectable cyber security service provider.

Advantages of having a good cyber security solution in place

it defends against viruses, trojans, spyware, worms, and other threats. increases customer trust and loyalty showing them you take cybersecurity seriously allows employees to work safely protects sensitive information reduces downtime and improves productivity.

quick response to incidents saves you a lot of money, stops your day attacks, provides a layered security approach to protect against a varied range of attacks, and gives your customers and employees a sense of security.

The importance of cyber security training for employees

the argument for educating employees on cyber security is pretty straightforward how can they be expected to avoid report or removing a security threat if they don't know how to recognize it it's impossible right

employees should know how to recognize a potential threat and who in your organization they should inform when something seems wrong the most fundamental type of cyber security training focuses on employee awareness of potential risks your training should include topics concerning different forms of cyber security threats such as spam, phishing, malware, and ransomware, or social engineering.

the importance of password security, email, internet, and social media policies, the protection of corporate data, and how to identify and report cyber security threats.

The most important cyber attacks of 2021

well, you probably heard about the colonial pipeline incident that is considered to be the most disruptive attack of 2021. the largest oil pipeline operator in the u.s was forced to shut down after being hit by ransomware colonial pipeline has allegedly paid nearly five million dollars in cryptocurrency in return for a decryption key to restore its systems.

CNA Financial a leading insurance company in the USA fell victim to a cyber attack that ended up impacting its business operations and shutting down the CNA website the company had allegedly paid 40 million to restore access to its systems following the ransomware attack.

cassia is a Florida-based IT service provider that made headlines after falling victim to a large-scale ransomware attack that compromised between 800 and 1500 businesses all over the world soon after the attack the hackers asked for 70 million dollars in ransom to provide the victims with the universal decrypter eventually cassia decided not to pay the ransom.

there are so many significant reasons why cyber security matters for businesses as the use of advanced technology increases companies and their customers become more and more vulnerable to cyber crimes like hacking phishing or fraud.

however having a strong cyber security solution in place could allow for operations such as financial transactions or website browsing to function safely, it also helps businesses in boosting productivity employee security, and maintaining the corporate image.